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NBCUniversal Media, LLC
Notes to Consolidated Financial Statements
Note 1: Business and Basis of Presentation
Unless indicated otherwise, throughout these notes to the consolidated financial statements, we refer to
NBCUniversal and its consolidated subsidiaries as “we,” “us” and “our.” We are one of the world’s leading
media and entertainment companies that develops, produces and distributes entertainment, news and
information, sports, and other content for global audiences.
We present our operations as the following four reportable business segments: Cable Networks, Broadcast
Television, Filmed Entertainment and Theme Parks. See Note 17 for additional information on our reportable
business segments.
Our Cable Networks segment consists primarily of a diversified portfolio of cable television networks. Our
cable networks are comprised of our national cable networks that provide a variety of entertainment, news
and information, and sports content, our regional sports and news networks, our international cable net-
works, and our cable television studio production operations.
Our Broadcast Television segment consists primarily of the NBC and Telemundo broadcast networks, our
owned NBC and Telemundo local broadcast television stations, the NBC Universo national cable network,
and our broadcast television studio production operations.
Our Filmed Entertainment segment primarily produces, acquires, markets and distributes filmed entertainment
worldwide. Our films are produced primarily under the Universal Pictures, Illumination and Focus Features
names.
Our Theme Parks segment consists primarily of our Universal theme parks in Orlando, Florida and Hollywood,
California. In November 2015, we acquired a 51% interest in the Universal Studios theme park in Osaka,
Japan (“Universal Studios Japan”). Our Theme Parks segment also receives fees from our agreements with
third parties that own and operate the Universal Studios Singapore theme park, as well as from the Universal
Studios Japan theme park, to license the right to use the Universal Studios brand name and other intellectual
property.
Basis of Presentation
The accompanying consolidated financial statements include all entities in which we have a controlling voting
interest and variable interest entities (“VIEs”) required to be consolidated in accordance with generally
accepted accounting principles in the United States (“GAAP”). Transactions between NBCUniversal and both
Comcast and Comcast’s consolidated subsidiaries are reflected in these consolidated financial statements
and disclosed as related party transactions when material.
We translate assets and liabilities of our foreign operations where the functional currency is the local cur-
rency, primarily the euro, British pound, and Japanese yen, into U.S. dollars at the exchange rate as of the
balance sheet date and translate revenue and expenses using average monthly exchange rates. The related
translation adjustments are recorded as a component of accumulated other comprehensive income (loss).
Any foreign currency transaction gains and losses are included in our consolidated statement of income.
Comcast 2011 Annual Report on Form 10-K 150